SteelOrbis has been informed that as of May 30 ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, decreasing by $50/mt compared to May 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have indicated a slight downtrend amid the poor performance of the Chinese economy, especially with the real estate industry not performing as well as expected. Traders in the stainless steel market have cut their offer prices, aiming to close deals. It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week amid support from the increases in stainless steel futures prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,865/mt ($2,100/mt) on Tuesday, May 30, moving up by RMB 220/mt ($31/mt) or 1.5 percent compared to that on May 23.
$1 = RMB 7.0818